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Prime Perk: Get 5% back on all purchases with the Amazon Store Card

By on March 19, 2015

The Amazon Store Card is nothing new. The card and the horrific 25.99% APR that comes with it have been around for years. However, Amazon just added a new perk for Prime members, 5% back on all purchases as a statement credit. In addition, any existing Prime member that signs up for the card receives a $40 Amazon gift card. The usual bonus is $10, specific to non-Prime members.

This is a pretty huge deal if you’ve been on the fence with a $99 Prime membership or are a loyal Prime user. If you spent $2,000 on Amazon over the last year, that 5% statement credit will pay for your Prime membership entirely. (assuming you pay the card off every month to avoid interest)

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It’s like getting all the perks of Prime for free; two-day shipping on qualifying purchases, Amazon Instant Video access, 1 book rental a month from the Kindle Lending Library, access to Prime Music for streaming, Prime Photo cloud storage, etc…

The sign-up process is very easy. Pretty much three pages to go through for quick approval. Assuming you are approved, the card is automatically added to your Amazon account and you can start using it asap. The $40 gift card is also automatically added to your account.

AmazonBe wary of a few things. First, this will result in a hard pull on your credit report, which can alter your credit score. This can be problematic if applying for a car or home loan in the near future.

Secondly, don’t mistakenly check the insurance box when signing up. It tacks on an additional fee, something you probably want to avoid.

Finally, be sure to pay off the card every month because that APR is absolutely monstrous!

Be aware that there are cards that currently offer 5% cashback on bookstore purchases, which Amazon is categorized as by several credit card companies. The Sallie Mae Rewards card is one of them. You can find more here.

In addition, many cards have rotating categories that swap out each quarter. The Chase Freedom card, for instance, has a 5% cash back period on Amazon purchases during the last three months of the year, ideal for holiday shopping. There’s also an Amazon store card from Chase, but it only offers 3% back on purchases.

You can find more details about the Amazon Store card here.

About Mike Flacy

Editor-in-Chief for The CheckOut. During my free time, I love to write about pop culture, home theater, digital photography, social media, mobile technology and cool gadgets!